Media and entertainment giant Time Warner Inc. (TWX) is set to announce its fourth-quarter and fiscal 2009 results before the market opens Wednesday.
In the year-ago fourth quarter, Time Warner reported a net loss applicable to common shares of $16.03 billion or $4.47 per share. Total revenues were down 3% year-over-year to $12.31 billion.
In November last year, Time Warner, the world's fourth largest entertainment conglomerate, lifted its fiscal 2009 earnings forecast, citing a better-than-expected performance at its Content Group, which comprises Networks, Filmed Entertainment, Publishing and Corporate segments.
The company expects 2009 adjusted earnings per share from continuing operations to be at least $2.05 per share, compared to adjusted earnings per share of $1.98 reported in 2008. The outlook includes restructuring charges of up to $100 million at Time Warner's Publishing segment, expected to be incurred in the fourth quarter.
On average, analysts polled by Thomson Reuters expect a profit of $1.79 per share for fiscal 2009 on revenues of $25.58 billion. Analysts' estimates typically excludes one-time items.
On May 28, 2009, Time Warner announced the spin-off of Web services company AOL Inc. (AOL) into a separate public company. The separation occurred on December 9, 2009.
Time Warner recently announced that its board has approved the acquisition of India-based entertainment channel NDTV Imagine Limited from NDTV Networks Plc, an indirect subsidiary of NDTV Limited. The acquisition will be made by Turner Asia Pacific Ventures Inc., a Time Warner company, and Imagine will become a key part of Turner's operations in the Asia-Pacific region.
Turner is investing a total of $126.5 million, which will result in a 92% stake in Imagine. The remaining 8% stake will be held by the current management of Imagine, ESOP holders and NDTV Networks Plc.
For the preceding third quarter, Time Warner posted a lower profit, reflecting weak revenues at the AOL, Publishing and Filmed Entertainment segments, which more than offset growth at the Networks segment. The New York-based company's third-quarter net income attributable to Time Warner Inc. shareholders was $661 million or $0.55 per share, compared to $1.07 billion or $0.89 per share in the year-ago quarter. Total revenues dropped 6% to $7.14 billion from the previous year's revenue of $7.58 billion.
Among others in the sector, News Corp. (NWS,NWSA) yesterday reported a profit for the second quarter over a net loss last year, driven by double-digit revenue growth at majority of its business segments, as well as the absence of hefty impairment and restructuring charges recorded in the previous year.
Another peer, Walt Disney Co. (DIS) is scheduled to report its first-quarter results on February 9. The Street expects earnings of $0.39 per share on revenue of $9.61 billion for the first quarter.
Walt Disney has completed its acquisition of renowned character franchise company, Marvel Entertainment Inc. It was in August last year that Burbank, California-based Walt Disney agreed to acquire Marvel in a cash and stock transaction.
With the Marvel acquisition, Disney will win ownership of over 5,000 Marvel comic-book characters featured in a variety of media over 70 years, and businesses, including licensing, movie production and publishing. Marvel, which rivaled Disney during the 1960's and 1970's, sells about 50 million comic books a year.
Viacom Inc. (VIA, VIA-B) will report its fourth-quarter results on February 11. Analysts are looking for earnings of $0.87 per share on revenue of $4.23 billion for the fourth quarter.
TWX closed Tuesday's trading at $28.51 on the NYSE, up $0.46, on a volume of 8.996 million shares. For the 52-week period, the company's shares traded in a range of $17.81 - $32.85.
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